Celebrate Freedom with 20% OFF on CAclubindia Pro Subscription. Use Code: FREEDOM20

Which itr form to use for ay 2012-2013

1190 views 2 replies

Kapil Tiwari

Senior Export Executive

449 Points Joined May 2012

I have the following income during April 2011 to March 2012:

1) Income from Salary

2) Income from Other Sources

3) Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes

According to the instructions given for using "SAHAJ" form, a person cannot use this form if he has "income under the head "Capital Gains" which are not exempt from tax, e.g. short term capital gains or long term capital gains from sale of house, plot, etc.".

I believe Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes are exempt from tax. Am I correct? Hence, can I use "SAHAJ" form for filing my Income Tax Return for AY 2012-2013? Kindly advise urgently.

Replies (2)

CA JATINDER KAPOOR

JOB

305 Points Joined April 2011

My dear friend Kapil

Ther are two option for that

1. Your long term capital gain is exempt only when u paid security transaction tax on such sharesthen there is no need to shown long term capital gain income and fill ITR 1.

2. calculate your exempt income from share and fill itr 2 for this and shown your exempt income in colume of exempted income in itr 2